Why your business needs to adopt a mobile POS
Why your business needs to adopt a mobile POS
There are so many payment options available to consumers in the modern age, platforms like PayPal and BPAY allow for secure online payments, EFTPOS terminals with tap and go technology allow for easy transactions at brick and mortar locations and payment platforms are even being installed into wearable devices like watches.
But what about SMEs that either do not have brick and mortar locations, work remotely, on the road or on a worksite?
Mobile Point of Sale (POS) devices are becoming increasingly popular in business, allowing SMEs to take payment at any location as long as they have a mobile device connected to the internet.
Transaction values on Mobile POS devices globally are expected to reach UD$3,174 million in 2019 while the take up of these devices is set to grow by 36.2 percent by 2023.
It’s time for your SME to consider taking up Mobile POS as a payment method to meet the growing needs and demands of consumers.
The benefits of Mobile POS
By offering instant payment no matter where you are, your SME can improve your cash flow situation immediately.
Invoicing is time-consuming and payments are delayed, especially if they become delinquent. By offering an instant tap-and-go method of payment SMEs are far more likely to receive payment for goods or services rendered on the spot.
Your customer might have really wanted their burst pipe fixed immediately, but how likely is it they have cash on hand?
If your business currently accepts cash on the road or at the job site, Mobile POS devices can also improve your security as keeping large sums of cash on hand can attract criminal elements.
It also allows you to service more customers if you offer a high-demand product or service, like food services. By eliminating cash you can move the line along quicker and serve more customers.
The types of Mobile POS available
There is a range of different options available depending on the type of industry you are in and the budget you have to work with.
Essentially, all you need is a mobile device like a tablet with near-field communication (NFC) compatibility and the right software.
Accounting software companies like QuickBooks offer this platform along with other giants like Square, Shopify and Revel while your bank can offer Mobile POS platforms as well that link directly to your existing accounts.
There are further technologies available as well, including the ability to print receipts from your mobile device at the time of transaction.
A case study of Mobile POS success
MasterCard is one of the leaders of Mobile POS programs and has rolled out solutions across the globe including Vend in Australia.
Not only does this give businesses a mobile point of sale, it gives access to their full systems when they are away from their brick and mortar premises.
It also has powerful reporting insights to help reduce the volume of paperwork your business needs to complete.
“Gone are the days of calculating our sales receipt by manually typing a customer’s email into our CRM,” Jack Cooper from Selftraits said.
And the platform scales with your business, so it grows along with you.
“We highly recommend Vend; it saves a lot of time and hassle and enables you to grow,” Number Six clothing store owner Jake Hardy said.
Contact one of our finance specialists today on 03 5223 3453 and let us help you make sense of it.
